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Murdoch advice on economic development

Media  mogul and quintessential Australian internationalist Mr Rupert Murdoch recently espoused three-fold goal for  Australia had to commit itself to on the road to national economic develop-ment. Mr Murdoch gave his opinion during the Frank Lowy Annual Lecture in Sydney.

Mr Murdoch  cited Australian values, immigration and a disruption to the economy as the ways towards the country’s economic development. He basically espoused the  modern economic theory on economic development  by American economist Joseph Schumpeter.

Mr Schumpeter added to  land, labor, and capital as the traditional factors of production, the contribution of the entrepreneur or manager in charting the ship of the economy. He said the way to progress is to achieve “disruptions” to contemporary economy.

Surprisingly,  Mr Murdoch  is one o the staunchest supporters of  now elected Prime Minister Mr Tony Abbot during the last election, through strong editorials and feture stories backing Abbot during  the last Federal elction.

Prime Minister Abbot who campaigned  under the highly persuasive  “Stop the Boat” campaign slogan   and advocated fiscal conservatism in government  now faces a semblance of challenge to his political creed. Born in Australia, Mr Murdoch himself is a well known internationalist  and a multinational business icon. He is presently an American citizen and for the past recent years had been married to a Chinese national.

Mr Murdoch said Australia’s high percentage of foreign born population is coming of age and usher the country to what might be considered the world’s most diverse population.

He said Australia should embrace an openness to all comers provided  “they are willing to abide by our way of life.”

He cited the example of Australian businessman and host of the annual lecture Mr Frank Lowy himself who migrated to Australia only with one suitcase, started a small grocery business, and now owns the Westfield shopping centre empire.

Mr Murdoch said Australia should open itself to people coming from countries aside from England and Ireland , particularly those from its Asian neighbours.

Mr Murdoch said Australia must take advantage of its  growing population of  young and educated children of migrants  whose cultural connection  with Australia’s  neighbouring countries may be crucial to increasing trade and investment relationships with Australia.

Mr Murdoch said Australia’s limited domestic market presents a real challenge and would usually result to demanding government protection only logical to large industrial nations.

“Australia,”Mr Murdoch said,” is in the cusp of becoming something rare and valuable in the new world; an egalitarian meritocracy , with more than a touch of liberalism. To become more competitive,  the nation needed to promote its democratic institutions and values, accept  a diverse immigration population as precious resource for talent, and thrive on “disruption” through trade, technology and free market..